Private Company Edition: The Paragon Biosciences-founded Emalex previously raised $35m when ecopipam was in Phase II. Also, Catalio Capital launches a “special situations” fund, Zenas raises $118m to develop a pipeline of autoimmune disease treatments and Lusaris emerges with $60m.

Private Company Edition: The astonishing pace of venture capital investment in drug development continues with another $1.5bn in financings of $100m or more, including $152m for Pyxis and $126m for Omega. New VC funds also continue to launch, including RiverVest’s fifth fund, totaling $275m.

Two late-stage trials of Austedo have missed their endpoints in the neurological disorder, meaning Teva will miss out on an additional revenue stream from the VMAT2 inhibitor.

In "very top-line" Phase IIb data, the magnitude of the treatment effect for valbenazine in children with Tourette syndrome was weaker than expected, and its loss from active development means there will be only a handful of candidates under evaluation for the disorder.